Rocky Oaks mansion sells for $13 million, 70% off
The mountaintop estate above Kanan Road tunnels, originally listed at $49.5 million, finally sold this week after two auctions.
The mansion that towers above Kanan Road at the tunnels north of Mulholland Highway sold for pennies on the dollar from its first asking price.
The house was originally listed for $49.5 million. It sold for $13 million — a haircut of more than 70 percent.
The mountaintop estate went up for auction with a $21 million reserve last year. That was a washout.
A new auction date was set for three weeks ago, with a reserve of just a few dollars below $13 million. Rocky Oaks sold for just over the heavily discounted reserve price. The sale closed on Tuesday.
The prior owners may be most famous for planting enormous grape trellises up the mountainside, and then letting the expensive grapes visibly wither and die.